10x Research recommends long Bitcoin, short Coinbase as valuation nears limit

10x Research recommends a pair trade of long Bitcoin and short Coinbase (COIN), warning that COIN shares are approaching overvaluation, according to CoinDesk. Despite an 84% rally in two months, Coinbase’s fundamentals, like trading volume, have not kept pace. The firm notes that recent gains appear disconnected from Bitcoin’s price and market activity, suggesting COIN is due for a correction.